Start Date: 9/19/2023 9:00 AM EDT
End Date: 9/19/2023 5:00 PM EDT
Venue Name: Changed to ZOOM Location:
WV United States
We regret to inform you that our upcoming New Accounts & Documentation class, scheduled for September 19, 2023, has been moved to a virtual setting due to unforeseen circumstances. Our instructor has unfortunately tested positive for COVID-19, and for the safety and well-being of all participants, we have decided to shift to an online format.
We understand that this is a last-minute change, and we sincerely apologize for any inconvenience it may cause. Our priority is to ensure your continued learning while also prioritizing everyone's health and safety during these challenging times.
Well-trained bankers who recognize and stop attempted illegal activity are the first line of defense in protecting a financial institution from fraudsters. Unfortunately, new account personnel are too often trained "on the job," which results in an environment of potential vulnerability and unnecessary losses for the bank. Additionally, with constant new regulations, ongoing training is paramount to maintain diligence and update processes and procedures.
This one-day program is the most comprehensive seminar on deposit accounts in the state. The presentation answers many of the complicated questions customers and employees ask. The 200+ page detailed manual, included in the registration and customized to West Virginia state law, has become known as an invaluable resource for banks across the state. These workshops are highly interactive. Come prepared to get your questions answered!
WHO SHOULD ATTEND?
Operations officers, compliance officers, experienced new account representatives, new accounts supervisors, branch managers, trainers, and auditors. Back-office personnel who support the deposit account area will also find this seminar beneficial. At least 85% of this information also impacts the lending area.
WHAT TO BRING
- Signature card and account agreement
- Resolutions for all commercial account types
- Disclosures used at account opening
Presenter: Suzie Jones
With almost five decades of banking experience, Suzie has a reputation as highly knowledgeable and high-energy, with a unique ability to take technical information and make it interesting and applicable. After 22 years, Suzie recently retired as an Executive Vice President from a 65B regional bank, where she provided overall leadership and risk management to the $11B Investments Division. Suzie has a unique perspective on how complicated opening new accounts can be! For decades Suzie opened new accounts, managed new account teams, and provided hands-on input to the AML and BSA Committees within the bank. In addition, she partners nationally to provide new account training for individual banks, credit unions, OnCourse Learning Virtual Training Sessions, and 16 State Bank Associations.
What will be covered:
- Proper Account Title; Customer Identification Requirements
- Customer Notification/Disclosure Requirements
- Comparison with Government Lists (OFAC)
- IRS SSN/EIN/ITIN Certification/Back-Up Withholding/SS-4/W-9/W-8
- Business Account Documentation
- Understanding Business Taxation Options & Why We Care
- Sole Proprietorship / Limiting Risk of General Partners /General Partnership / Limited Partnership/ Limited Liability Partnership; Limited Liability Limited Partnership / Limited Liability Company (LLC) / Single Member/ Multi Member/ Series LLC / Corporation / S Corps / Non-Profit Corps / Intermediary Agent Accounts/ Non-Profit Social Club and Associations/ Interest on Lawyer Trust Accounts (IOLTA) / Public or Governmental Units
- FinCEN – New Customer Due Diligence Rules
- Documenting Out-of-State Businesses and Layered Organizations
- Resolutions – Purpose and Proper Completion
- Access To Account at the Death of a Business Owner
- Single-Party and Multiple-Party Ownership
- With Right of Survivorship vs. Without Right of Survivorship
- Authorized Signer Designation
- Out-of-House Durable Power of Attorney
Trust, Fiduciary, Minor, and Court-Ordered Accounts
Informal Trusts / Fiduciary Accounts
- Opening Accounts When the Owner Is Not Present
- Trust Account Overview – Why Set Up a Trust?
- Why are Living Trusts So Popular? Why Avoid Probate?
- Understanding the Authority of the Parties to a Trust - Grantor, Trustee, & Beneficiary
- Key Questions to Determine Formal Trust Status
- Essential Information Needed to Open a Trust Account
- Does Your Bank Need/Want the Entire Trust Agreement?
- Formal Revocable & Formal Irrevocable Trusts
- TIN Compliance for Formal Trust Accounts
- Payable on Death Accounts (POD)
- In Trust for Accounts (ITF)
- Account Ownership Options for a Minor
- Uniform Transfer to Minor's Account (UTMA)
- Estate Accounts
- Guardianship/Conservatorship Accounts
- Social Security Representative Payee and Veteran's Affairs Federal Fiduciary
- Documentation and Compliance Reference Chart
If you require an overnight room, you are responsible for making your own reservation. Please contact The Four Points by Sheraton, (304) 344-4092
. Room temperatures vary, please bring a light jacket or sweater for comfort. Business Casual dress is appropriate.
Timing of your registration is critical. Seminars may be cancelled if there are not sufficient registrations or may fill up; therefore, it is recommended that you register at least 10 days in advance.
- Full refund if cancelled 14 days or more ahead of seminar.
- $50 cancellation fee if cancelled within 6-13 days ahead of seminar.
- No refund if cancelled on or after 7 days ahead of seminar or for no-shows.
- Substitutions are welcome.